Recently delivered multifamily property in Delray Beach, Florida, the Savio, has nabbed $139 million in refinancing. The property is owned through a partnership between Key International, CDS International Holdings, Wexford Capital and 13th Floor Investments.
The loan was provided by CIBC USA, with Newmark arranging the deal.
Savio, which delivered 420 units to the Delray Beach community between 2024 and 2025, is a part of a broader development known as Parks at Delray. Originally, the investment group acquired the 25.1-acre site for the project in January 2019. Later this year, the next phase of the development, Skye, is set to break ground.
Parks at Delray, in total, stands to deliver 693 garden-style apartments and 54 townhomes across four and five-story buildings.
The Savio portion offers townhomes, studios, as well as one, two and three bedroom units —aiming to provide a luxury experience to residents. Amenities are included, such as a fitness center, co-working spaces, a pool with sundeck, a park and outdoor and indoor play areas.
Currenlty, it's a frustrating time to be marketing a listing in the rental market. A September report from Zillow found that the month marked the highest for concessions on record, with 37.3 percent of the listings offering some sort of incentive to attract tenants. The sluggish market, due to affordability, is leading to rent drops in certain areas, as the declines are concentrated in a few regions, including the South, Sunbelt and Mountain West.
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